The 40-year-old has already been active in the January transfer window, bringing in midfielders Magnus Wolff Eikrem and Mats Moller Daehli from Heerenveen and former club Molde respectively.
The Bluebirds have also approached Hannover over the acquisition of striker Mame Biram Diouf.
The trio are known to Solskjaer from his time at Old Trafford, and he is understood to be looking at loan moves for current United players Wilfried Zaha and Fabio.
Solskjaer has been reticent when it comes to putting names to his transfer targets, but admits he hopes there will be more new arrivals.
"I can't say anything on them (Zaha and Fabio) because they are players from Manchester United and I can't comment on players from other teams. I am looking at strengthening my squad, but I can't say names.
"It is not about the number. I will work with the players I have here but if the right one comes up then I will do business like I have with Magnus and Mats."
But Solskjaer is adamant he is not simply looking to create an alternative Manchester United squad in south Wales.
"No, I'm creating a new Cardiff," he said.
"We need our own identity, it's not about emulating or copying anyone else, we want to play football.
"I want to develop Cardiff into a team everyone can be proud of of the way they play football. That we can dominate games like we have done at home this season a few times.
"It's not about copying anyone else, but obviously I want players I can trust and can play the way I want to."
United had the chance to buy back Daehli having sold him to Solskjaer at Molde last summer, but he elected to make the move to Cardiff.
The 18-year-old joined United at the same time as Adnan Januzaj, who has made a major impact at Old Trafford this season.
But Solskjaer has warned against making any direct comparisons between the two players.
He said: "It is hard for a young kid to break through at one of the best clubs in the world.
"There are top talents at Manchester United. He and Adnan came in the same week. The comparison will always be there, but that is not fair on the boy because Adnan is now almost established in the first-team set-up at Manchester United."
Cardiff are now in the bottom three after Saturday's 2-0 defeat to West Ham with goals from Carlton Cole and Mark Noble giving the Hammers just a second league win in 14 games.